10-Q 1 cna-20220630.htm 10-Q cna-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-5823
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-6169860
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
151 N. Franklin 60606
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50"CNA"New York Stock Exchange
Chicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
As of July 28, 2022, 271,319,228 shares of common stock were outstanding.



Item NumberPage
Number
PART I
1.
Condensed Consolidated Financial Statements:
2.
3.
4.
PART II
1.
6.
2

PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions, except per share data)2022202120222021
Revenues
Net earned premiums$2,155 $2,035 $4,214 $3,997 
Net investment income432 591 880 1,095 
Net investment (losses) gains(59)38 (70)95 
Non-insurance warranty revenue392 359 774 697 
Other revenues6 6 13 11 
Total revenues2,926 3,029 5,811 5,895 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits1,583 1,546 3,038 3,052 
Amortization of deferred acquisition costs374 357 718 716 
Non-insurance warranty expense367 332 721 643 
Other operating expenses 329 303 655 587 
Interest28 29 56 57 
Total claims, benefits and expenses2,681 2,567 5,188 5,055 
Income before income tax245 462 623 840 
Income tax expense(40)(94)(105)(160)
Net income$205 $368 $518 $680 
Basic earnings per share$0.75 $1.35 $1.91 $2.50 
Diluted earnings per share$0.75 $1.35 $1.90 $2.49 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic271.7271.9271.8271.9
Diluted272.6272.8272.7272.9
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
3

CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions)2022202120222021
Comprehensive (Loss) Income
Net income$205 $368 $518 $680 
Other Comprehensive (Loss) Income, net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses(2) (6) 
Net unrealized gains and losses on other investments(1,346)300 (2,957)(327)
Net unrealized gains and losses on investments(1,348)300 (2,963)(327)
Foreign currency translation adjustment(68)12 (82)14 
Pension and postretirement benefits6 10 12 19 
Other comprehensive (loss) income, net of tax(1,410)322 (3,033)(294)
Total comprehensive (loss) income$(1,205)$690 $(2,515)$386 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
4

CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)June 30, 2022 (Unaudited)December 31, 2021
Assets  
Investments:  
Fixed maturity securities at fair value (amortized cost of $41,215 and $39,952, less allowance for credit loss of $5 and $18)
$39,385 $44,380 
Equity securities at fair value (cost of $978 and $964)
898 1,035 
Limited partnership investments1,863 1,859 
Other invested assets71 91 
Mortgage loans (less allowance for uncollectible receivables of $16 and $16)
949 973 
Short term investments1,114 1,990 
Total investments44,280 50,328 
Cash560 536 
Reinsurance receivables (less allowance for uncollectible receivables of $21 and $21)
5,753 5,463 
Insurance receivables (less allowance for uncollectible receivables of $28 and $29)
3,210 2,945 
Accrued investment income382 377 
Deferred acquisition costs792 737 
Deferred income taxes927 142 
Property and equipment at cost (less accumulated depreciation of $266 and $255)
227 226 
Goodwill145 148 
Deferred non-insurance warranty acquisition expense3,593 3,476 
Other assets 2,360 2,261 
Total assets$62,229 $66,639 
Liabilities  
Insurance reserves: 
Claim and claim adjustment expenses$24,559 $24,174 
Unearned premiums6,289 5,761 
Future policy benefits10,926 13,236 
Long term debt2,780 2,779 
Deferred non-insurance warranty revenue4,638 4,503 
Other liabilities (includes $62 and $56 due to Loews Corporation)
3,525 3,377 
Total liabilities52,717 53,830 
Commitments and contingencies (Notes C and F)
Stockholders' Equity  
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,315,248 and 271,363,999 shares outstanding)
683 683 
Additional paid-in capital2,203 2,215 
Retained earnings9,415 9,663 
Accumulated other comprehensive (loss) income(2,713)320 
Treasury stock (1,724,995 and 1,676,244 shares), at cost
(76)(72)
Total stockholders’ equity9,512 12,809 
Total liabilities and stockholders' equity$62,229 $66,639 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
5

CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30
(In millions)20222021
Cash Flows from Operating Activities  
Net income$518 $680 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax (benefit) expense(10)27 
Trading portfolio activity7 19 
Net investment losses (gains)70 (95)
Equity method investees184 (79)
Net amortization of investments(56)(41)
Depreciation and amortization25 27 
Changes in:
Receivables, net(614)(1,087)
Accrued investment income(6)(3)
Deferred acquisition costs(63)(12)
Insurance reserves1,376 1,373 
Other, net(178)(124)
Net cash flows provided by operating activities1,253 685 
Cash Flows from Investing Activities  
Dispositions:
Fixed maturity securities - sales3,293 1,846 
Fixed maturity securities - maturities, calls and redemptions1,715 2,104 
Equity securities193 193 
Limited partnerships101 124 
Mortgage loans76 69 
Purchases:
Fixed maturity securities(6,251)(4,615)
Equity securities(195)(181)
Limited partnerships(168)(169)
Mortgage loans(53)(16)
Change in other investments15 6 
Change in short term investments868 442 
Purchases of property and equipment(25)(5)
Net cash flows used by investing activities(431)(202)
Cash Flows from Financing Activities
Dividends paid to common stockholders(765)(414)
Purchase of treasury stock(21)(18)
Other, net (9)
Net cash flows used by financing activities(786)(441)
Effect of foreign exchange rate changes on cash(12)1 
Net change in cash24 43 
Cash, beginning of year536 419 
Cash, end of period$560 $462 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
6

CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions)2022202120222021
Common Stock
Balance, beginning of period$683 $683 $683 $683 
Balance, end of period683 683 683 683 
Additional Paid-in Capital
Balance, beginning of period2,195 2,194 2,215 2,211 
Stock-based compensation8 7 (12)(10)
Balance, end of period2,203 2,201 2,203 2,201 
Retained Earnings
Balance, beginning of period9,319 9,084 9,663 9,081 
Dividends to common stockholders ($0.40, $0.38, $2.80, $1.51 per share)
(109)(104)(766)(413)
Net income205 368 518 680 
Balance, end of period9,415 9,348 9,415 9,348 
Accumulated Other Comprehensive (Loss) Income
Balance, beginning of period(1,303)187 320 803 
Other comprehensive (loss) income(1,410)322 (3,033)(294)
Balance, end of period(2,713)509 (2,713)509 
Treasury Stock
Balance, beginning of period(77)(59)(72)(71)
Stock-based compensation1 1 17 16 
Purchase of treasury stock  (15)(21)(18)
Balance, end of period(76)(73)(76)(73)
Total stockholders' equity$9,512 $12,668 $9,512 $12,668 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
7

CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 89.6% of the outstanding common stock of CNAF as of June 30, 2022.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2021, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes the long term care and fully-ceded single premium immediate annuity business. Entities will be required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) at least annually, and to update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted, and may be applied using either a modified retrospective transition method or a full retrospective transition method. Financial statements for prior periods presented shall be adjusted to reflect the effects of applying the new accounting guidance.
The Company will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. The Company will use a published spot rate curve constructed from A+, A and A- rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities, to calculate discount rates. The Company will group its long-duration contracts into calendar year cohorts based on the contract issue date and product line. Long term care contracts will be grouped separately from the Company’s fully-ceded single premium immediate annuity contracts.
The most significant impact at the transition date will be the effect of updating the discount rate assumption to reflect an upper-medium grade fixed-income instrument yield, which will be partially offset by the de-recognition of Shadow Adjustments associated with long-duration contracts. The Company expects the net impact of these changes will be a $2.2 billion - $2.5 billion decrease in Accumulated other comprehensive income as of the transition date of January 1, 2021. There is a minimal transition impact expected to retained earnings.
8

The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes, and controls. While the requirements of the new guidance represent a material change from existing GAAP, the new guidance will not impact capital and surplus under statutory accounting practices, cash flows, or the underlying economics of the business.
The Company continues to make progress in connection with these matters and is in process of refining key accounting policy decisions, technology solutions and updates to internal controls associated with adoption of the new guidance. These in-progress activities include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes.
9

Note B. Earnings (Loss) Per Share
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and six months ended June 30, 2022, approximately 1 million potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, approximately 10 thousand and 5 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
For the three and six months ended June 30, 2021, approximately 1 million potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, approximately 1 thousand and 3 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
The Company repurchased 445,000 and 377,615 shares of CNAF common stock at an aggregate cost of $21 million and $18 million during the six months ended June 30, 2022 and 2021.


10

Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2022202120222021
Fixed maturity securities$441 $425 $870 $853 
Equity securities(11)20 (9)49 
Limited partnership investments6 146 24 189 
Mortgage loans12 15 27 29 
Short term investments2  2  
Trading portfolio 2 1 7 
Other (1) 1 
Gross investment income450 607 915 1,128 
Investment expense(18)(16)(35)(33)
Net investment income$432 $591 $880 $1,095 
During the three and six months ended June 30, 2022, $22 million and $23 million of Net investment loss was recognized due to the change in fair value of common stock still held as of June 30, 2022. During the three and six months ended June 30, 2021, $9 million and $21 million of Net investment income was recognized due to the change in fair value of common stock still held as of June 30, 2021.
Net investment gains (losses) are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2022202120222021
Net investment gains (losses):
Fixed maturity securities:
Gross gains$45 $51 $71 $109 
Gross losses(60)(20)(88)(40)
Net investment gains (losses) on fixed maturity securities(15)31 (17)69 
Equity securities(71)17 (109)19 
Derivatives26 (12)55 5 
Short term investments and other1 2 1 2 
Net investment gains (losses)$(59)$38 $(70)$95 
During the three and six months ended June 30, 2022, $70 million and $108 million of losses were recognized in Net investment gains (losses) due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2022. During the three and six months ended June 30, 2021, $15 million of gains were recognized in Net investment gains (losses) due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2021.
11

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $374 million, $369 million, and $374 million as of June 30, 2022, December 31, 2021 and June 30, 2021 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of April 1, 2022$12 $5 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded   
Available-for-sale securities accounted for as PCD assets 3 3 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)   
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis   
Write-offs charged against the allowance12  12 
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (3)(3)
Balance as of June 30, 2022
$ $5 $5 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of April 1, 2021$27 $16 $43 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded   
Available-for-sale securities accounted for as PCD assets 4 4 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)   
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis   
Write-offs charged against the allowance   
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(3)1 (2)
Balance as of June 30, 2021
$24 $21 $45 
12

(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2022$11 $7 $18 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded   
Available-for-sale securities accounted for as PCD assets 3 3 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)   
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis   
Write-offs charged against the allowance12  12 
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1 (5)(4)
Balance as of June 30, 2022
$ $5 $5 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2021$23 $17 $40 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded14  14 
Available-for-sale securities accounted for as PCD assets2 4 6 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6  6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis   
Write-offs charged against the allowance   
Recoveries of amounts previously written off   
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(9) (9)
Balance as of June 30, 2021
$24 $21 $45 

13

The components of available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Periods ended June 30Three MonthsSix Months
(In millions)2022202120222021
Fixed maturity securities available-for-sale:
Corporate and other bonds$21 $(2)$29 $5 
Asset-backed(1)1 1  
Impairment losses (gains) recognized in earnings$20 $(1)$30 $5 
There were no losses recognized on mortgage loans during the three and six months ended June 30, 2022 or 2021.
14

The following tables present a summary of fixed maturity securities.
June 30, 2022Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$22,606 $499 $1,440 $ $21,665 
States, municipalities and political subdivisions9,822 492 676  9,638 
Asset-backed:
Residential mortgage-backed3,034 14 305  2,743 
Commercial mortgage-backed1,995 6 164  1,837 
Other asset-backed3,063 4 220 5 2,842 
Total asset-backed8,092 24 689 5 7,422 
U.S. Treasury and obligations of government-sponsored enterprises115 1 7  109 
Foreign government577 1 30  548 
Redeemable preferred stock3    3 
Total fixed maturity securities available-for-sale41,215 1,017